Nutraceuticals Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Type (Functional Foods, Functional Drinks, Dietary Supplements, Herbal Products), By Application (Food, Food Ingredient, Dietary Supplement, Drug), By Distribution Channel (Online, Offline), And By Geography - Forecasts From 2023 To 2028

The nutraceuticals market is predicted to witness a compound annual growth rate of 5.28% during the forecast period to reach a market size of US$301.578 billion by 2024, increasing from US$221.475 billion in 2018.

The demand for nutraceuticals (nutrition + pharmaceutical) is increasing on account of their ability to treat or prevent diseases in addition to providing nutrition. These are available in the market in the form of functional food and beverages, and herbal products like ginger, garlic, onion, turmeric, and many more. The growing aging population and growing health concerns worldwide are the major drivers driving the growth of the global nutraceuticals market. Producers term nutraceuticals for what is already available in the market in the form of food, spices, food ingredients, and dietary supplements.

• DRIVERS
o Growing health concerns
o Increasing Incidences of Chronic Diseases

• RESTRAINTS
o High cost involved
o Lack of product awareness

• INDUSTRY UPDATE
o In June 2019, Roquette Introduced PEARLITOL SW-F for Gluten-Free Nutraceuticals Dosage Forms
o In March 2019, Martin Bauer Group Acquired BI Nutraceuticals which is expected to help the organization to broaden its portfolio of ingredients.

The major players profiled in the Nutraceuticals market are Abbott Laboratories, AOR, Ajinomoto Health & Nutrition North America, Inc., Archer Daniels Midland Company, Cargill, Danone S.A., Mead Johnson & Company, LLC, Nestlé, Nordic Naturals, and Omega Protein Corporation among others.

Segmentation

The Nutraceuticals market has been analyzed through the following segments:

• By Type
o Functional foods
o Functional drinks
o Dietary supplements
o Herbal products

• By Application
o Food
o Food Ingredient
o Dietary supplement
o Drug

• By Distribution Channel
o Online
o Offline

• By Geography

o North America
? USA
? Canada
? Mexico

o South America
? Brazil
? Argentina
? Others

o Europe
? Germany
? France
? United Kingdom
? Spain
? Others

o Middle East and Africa
? Saudi Arabia
? Other

o Asia Pacific
? China
? Japan
? South Korea
? India
? Others

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